Estes Park Real Estate Market Statistics for July 2016

Sam Basel August 10, 2016

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August in Estes Park is a transition month. The end of summer comes into view as the tourists start to thin out a bit before the Labor Day weekend rush. Weekends will begin to carry the majority of the traffic and many people start gearing up for the extensive lineup of fall festivals just around the corner in September and October. The real estate market typically is firing on all cylinders at this time of year with buyers continuing to buy properties and this year is no exception.

Specifically, the stats in our real estate market are showing a steadily increasing market. For the first time, single family median prices have crossed over $400,000 (trailing 12 month median sale prices). Our absorption rate is staying steady in seller’s market territory and multiple offers are not uncommon.

Advice for Buyers

It is just as important as ever to prepare early for your real estate purchase. Be sure to talk to your lender or banker to have a pre-qualification letter and/or proof of funds letter ready to submit with your offer. This puts you in a confident position to act quickly when you find a property you are interested in.

Advice for Sellers

With the recent appreciation in our marketplace, it is common for sellers to have an over-inflated opinion of value for their property. We have been successful at pushing the property values forward for most sellers, but today’s buyer is very savvy with all the information they have at their fingertips. Buyers can smell out an overpriced property a mile away! The trouble is when buyers think a property is overpriced, they don’t typically make an offer at a reasonable price – they simply move on to another property. Be sure you can back up your opinion of value with justifiable information to attract buyers immediately. There are plenty of buyers out there watching the market waiting for the right property to come available and sellers only have one chance to be a “New Listing.’

Single Family Homes

77 – Active on the market (1 more than last month and 29 less than this time last year)
13 – Sold in July (7 less than last month and 5 less than July 2015)
33 – Currently Pending (2 more than last month and 5 less than this time last year)
$405,000 – Median Price of trailing 12 months of sales
$675,000 – Most expensive home sold in July
$185,000 – Least expensive home sold in July
4.5 Months Supply of Inventory (Also called Absorption Rate)

Condominiums and Townhouses

26 – Active on the market (6 less than last month and 21 less than this time last year)
12 – Sold in July (1 less than last month and 2 less than July 2015)
23 – Currently Pending (2 more than last month and 7 more than this time last year)
$243,750 – Median Price of trailing 12 months of sales
$440,000 – Most expensive condo sold in July
$115,000 – Least expensive condo sold in July
2.5 Months Supply of Inventory (Also called Absorption Rate)

Vacant Land

87 – Active on the market (2 less than last month and 22 less than this time last year)
4 – Sold in July (2 more than last month and 2 less than July 2015)
7 – Currently Pending (the same as last month and 3 more than this time last year)
$150,000 – Median Price of trailing 12 months of sales
$191,000 – Most expensive land sold in July
$75,000 – Least expensive land sold in July

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